Putin Considers Export Limits to Counteract Western Sanctions

Russian President Vladimir Putin stated that Moscow might limit the export of uranium, titanium, and nickel to retaliate against Western sanctions. His comments led to a rise in nickel prices and shares in uranium mining firms. Measures are not urgent but aim at minimizing self-damage.

Russian President Vladimir Putin announced on Wednesday that Russia may consider limiting its exports of uranium, titanium, and nickel in response to Western sanctions.

This statement led to a surge in nickel prices and boosted shares in uranium mining companies. In a televised address, Putin emphasized that Russia also produces significant amounts of natural gas, diamonds, and gold.

Putin clarified that any such restrictive measures should not be immediate and must avoid causing harm to Russia itself. He mentioned specific commodities like uranium, titanium, and nickel, urging careful consideration of such actions. Nickel prices on the London Metal Exchange spiked by 2.5%, influenced primarily by China and European demand.

This potential restriction has already impacted the financial market, with notable gains for uranium mining shares. Despite these considerations, Russia remains a crucial global player in raw material supplies.

(With inputs from agencies.)